Spain's bad bank, Sareb, launched Témpore Properties with an initial property portfolio valued at €175 million.
The bank is working with advisers Renta 4 and Clifford Chance for the listing of Témpore on the Alternative Stock Exchange, slated to occur "in the coming weeks" upon completion of the necessary procedures, according to a release.
The portfolio of the newly created Spanish real estate investment trust consists of 1,554 properties, with 1,383 corresponding to homes with an average size of 93 square meters and the balance to storage units and garages.
The bank said 80% of the transferred assets are spread across metropolitan areas of major cities in Spain, while the other 20% are in areas with high rental demand, including the provinces of Valencia, Seville, Zaragoza, Malaga and Almeria.
In conjunction with the asset transfer, Sareb named Témpore's management team, which will be led by Sareb Director of Leasing Nicolás Díaz Saldaña.
Sareb tapped Azora to manage the portfolio.